EUR/USD Technical Analysis: Fails to sustain above 200-hour SMA, bearish Flag spotted on 1-hourly chart

   •  The pair struggled to extend its steady recovery from YTD lows, alongside an ascending trend-channel formation on the 1-hourly chart, further beyond 200-hour SMA.

   •  The said channel, against the backdrop of the recent decline, seemed to constitute towards the formation of a bearish continuation - Flag chart pattern on the mentioned chart. 

   •  Technical indicators on hourly charts have also started drifting into negative territory and indicated that the recent corrective bounce might have already started losing steam. 

   •  A convincing break below the flag chart pattern, currently near the 1.1300 handle, will reinforce the outlook and turn the pair vulnerable to resume with its prior bearish trend.
 

EUR/USD 1-hourly chart